Suven Life Sciences Ltd approves rights issue of Rs. 400 crores

The board of directors ("Board") of Suven Life Sciences Limited at their meeting held today, i.e. 24th June, 2022 approved the raising of funds, through issuance and allotment of equity shares having face value of ₹ 1 each up to an aggregate amount of ₹ 400 Crores (Rupees Four Hundred Crores) on rights basis and on such terms (as decided by the Board or a duly constituted committee of the Board, at a later date) to the eligible equity shareholders of the Company, as on the record date, subject to receipt of regulatory / statutory approvals and approved other related matters including the constitution of a Rights Issue Committee to implement the proposal of Rights Issue.

The Board of Directors has considered and approved increase in the Authorized Share Capital from Rs. 20 crores divided into 20 crores equity shares of Rs. 1/- each to Rs. 30 crores divided into 30 crores equity shares of Rs. 1/- each and consequential alteration in the Memorandum of Association of the Company, subject to the approval of shareholders of the Company.

Shares of Suven Life Sciences Limited was last trading in BSE at Rs. 76.45 as compared to the previous close of Rs. 76.55. The total number of shares traded during the day was 62805 in over 1352 trades.

The stock hit an intraday high of Rs. 78.00 and intraday low of 72.90. The net turnover during the day was Rs. 4699747.00.

Source : Equity Bulls

Keywords

SuvenLifeSciences INE495B01038 FundRaising RightsIssue